Capital Gains Tax Applies When Completion Certificate Is Issued, Not on Possession DateThe SC upheld the HC's decision that capital gains are taxable in the previous year when the completion certificate for the project is issued by the competent authority. The assessee's failure to obtain the certificate immediately after possession in 2016 did not raise any legal issue. The SC dismissed the Special Leave Petition, refusing to interfere with the HC's judgment.

The Supreme Court, through Hon'ble Justices Manoj Misra and Ujjal Bhuyan, after hearing counsel, granted condonation of delay but declined to interfere with the impugned High Court judgment and order. Consequently, the Special Leave Petition was dismissed. All pending applications were disposed of.

Capital gain chargeable to income-tax - year of assessment - transfer of capital asset - HC [ 2024 (8) TMI 1596 - ORISSA HIGH COURT] held capital gain shall be chargeable to income-tax as income of the previous year, in which the certificate of completion for the whole or part of the project is issued by the competent authority. Omission on part of assessee and his developer to follow through after possession obtained in year, 2016, in obtaining completion certificate, does not give rise to any question of law HELD THAT:- We are not inclined to interfere with the impugned judgment and order of the High Court; hence, the Special Leave Petition is dismissed. KANAK BHANJ DEO Versus INCOME TAX OFFICER
Income Tax
2025 (7) TMI 1317 - SC Order - TMI
SUPREME COURT - SC
Dated:- 18-7-2025
SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 28605/2025 - -
Income Tax
HON'BLE MR. JUSTICE MANOJ MISRA And HON'BLE MR. JUSTICE UJJAL BHUYAN For the Petitioner : Mr. Sidhartha Ray, Adv. Mr. Shibashish Misra, AOR ORDER UPON hearing the counsel the Court made the following. 1. Delay condoned. 2. We are not inclined to interfere with the impugned judgment and order of the High Court; hence, the Special Leave Petition is dismissed. 3. Pending application(s), if any, shall stand disposed of.
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2025 (7) TMI 1317